政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/34159

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/34159

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题名:	Risk Management & Strategy: A Study of Feasibility of Protected Cell Company-The Case of Taiwan Non-Life Insurance Industry
作者:	陳祈嘉 CHEN,CHI-CHIA
贡献者:	陳彩稚 Chen,Tsai-Jyh 陳祈嘉 CHEN,CHI-CHIA
关键词:	隔離資產型風險防護公司再保險專屬保險風險理財風險成本 Protected Cell Company (PCC) Reinsurance Captive Insurance Risk Finance Cost of Risks
日期:	2004
上传时间:	2009-09-18
摘要:	台灣產險公司正面臨日趨多樣的核保風險，新興風險的不確定性促使保險公司經理人高度的依賴再保險機制。既然保險公司高度的依賴再保險機制，或許有人會質疑，再保險機制是否為最適的風險管理策略？隔離資產型風險防護公司(Protected Cell Company, PCC）之運用，乃是近年來企業風險理財的重大變革之一，本文之目的即是要探討PCC之架構以及分析PCC運用於台灣產險業之可行性。本文將分析重點放在PCC運用在租賃性專屬保險（rent-a-captive）的可行性分析上，藉由分析其風險成本，來探討PCC作為租賃性專屬保險時，是否比商業再保更具有成本效益。藉由實證分析結果，本文發現除了巨災風險、尖端風險（peak risks）及其他具高損失幅度可能性之業務外，PCC作為租賃性專屬保險時，PCC會比商業再保更適合於產險公司。本文亦發現PCC運作的時間愈長，愈能節省其風險成本。此外，本分析亦指出在PCC為純粹專屬保險的前題下，符合監理機關的最低設立資本要求會是PCC之最適設立資本。 Because Taiwan’s non-life insurance companies now face an increasing array of underwriting-risks, the high uncertainty may cause insurance company managers highly depend on reinsurance mechanism. One may doubt that whether reinsurance mechanism is the optimal risk management strategy although it is the most frequently utilized approach. The purpose of this paper is to explore the structure of PCC and analysis the feasibility of PCC for Taiwan’s non-life insurance industry because the use of Protected Cell Company（PCC）structure is one of the most significant developments in the world of corporate finance and risk management during the recent years. This paper will focus on the feasibility of PCC when it is used as Rent-A-Captive, based on the analysis of cost of risks, to study whether PCC has better cost efficiency than reinsurance mechanism. The finding of this research shows that PCC as rent-a-captive is more suitable than commercial reinsurance for non-life insurance company except catastrophe risks, peak risks, and high loss severity business. It also finds the longer we use PCC as rent-a-captive, the more we can save its cost of risks. Besides, the analysis indicates that paid-up capital of PCC which just meets the minimum capital required by the regulation will be optimal in case PCC is a pure captive.
參考文獻:	Banks, E., 2004, “Alternative Risk Transfer: Integrated Risk Management through Insurance, Reinsurance, and the Capital Markets” John Wiley & Son, Inc. Bawcutt, P., 1987, “Captive insurance company-Establishment, Operation and Management”, Woodhead-Faulkner Ltd., London, 134-135 Bouriaux, S., and D. Russell, 2002,” Company-Specific Loss Ratio Securities: A New Step in Insurance Securitization”, American Risk and Insurance Association 2002 Annual Meeting., Montreal, CA., Conference Theme： Evolution in Risk and Insurance: Challenges and Opportunities for the Future Bütow, S., 2001, “Securitization in life, health and personal accident reinsurance”, Hnnover Re’s Perspectives – Current Topics of International Life Insurance Issue No.7, 8-10, Chen, C., 2000, “The usage and development of ART under financial liberalization”, Taiwan Insurance Institute, Taipei, 151-153 Chen, C., 1999, “Reinsurance Theory” ,Sanmin Book Co., Ltd, Taipei,278-283 Costle, E., and K. Schauer, 2000, “The captive alternative: A regulatory perspective”, Journal of Insurance Regulation, vol.19 Iss.2 Culp, C., 2001, "The Risk Management Process: Business Strategy and Tactics", Wiley, 192-193 Culp, C., 2002, “The ART of Risk Management –Alternative Risk Transfer, Capital Structure, and the Convergence of Insurance and Capital Markets”, John Wiley & Sons, Inc., 352 Directory of world captive domiciles”, Business insurance, march 15, 2004, 36 Doherty, N., 2003,”Integrated Risk Management: Techniques and Strategies for Reducing Risk” Mc Graw Hill. Edwards, T., 2001, “Protected Cell Companies – The Present and Future”, Willis , 1-7 Ferreira, F., 2001, “The Protected Cell Companies in a Nutshell”, legalinfo-panama, 1-3 Gorski, L., 2002, “Growth spurt”, Best’s Review Vol.102, 50-51 Harrington, S. and G. Niehaus, 1999, “Risk Management and Insurance” McGraw-Hill, 22-30 Heimols, M. 2002,“Barbados improves its companies and insurance acts: or, perseverance furthers,” Tax Management Estates, Gifts and Trusts Journal, Vol.27, 95 Henry, S., 2000, “Charting Bermuda’s History”, Business Insurance, Vol.34, 32 Howard, L. 2000, “Protected Cells ease access to capital markets.”, National Underwriter, vol.104, Iss.15, 3-6 Ireland, P., 2003, “British Virgin Islands”, International Financial Law Review (March), 1 James, N., 2001, “Guernsey protected cell companies: Surviving an English insolvency?”, Barlow Lyde & Gilbert, Iss.1, 4. Jennings C., 2004, ”The Benefits of Segregated Portfolio Insurance”, HWR Insurance Management Limited. Jensen, M., and W. Meckling, 1976, `Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics, Vol. 3, No. 4, 305-360. Kleffner, A., and N. Doherty, 1994, “The effect of costly risk bearing on Insurer’ supply decision”, presentation at the 1994 Risk Theory Seminar, Austin, Tx.Draft Lane, M., 2001,“Alternative Risk Strategies”, Risk Water Group Ltd. Lombardi, M., and N. Kershaw, 1999, “Using offshore holding vehicles for property investment: The benefits of the Channel Islands”, Briefings in Real Estate Finance, vol.3, 27-34 Moore, D., 1999, “Captive insurance: New avenues”, Australian CPA. Melbourne:, Vol.69, Iss. 2, 2 O’Brien, J., “Insuring on shore risk through segregated cells – will our firewalls hold up？” Http：www. Charlestoncaptive.com Parkinson, J., 2002, “Captive & Captive Management - For Practitioners and Owners”, Key Haven Publications PLC, 191-265 Penwell, S., and K. Miller, 1999, “The rent-a-captive alternative”, Risk Management (March), 46 Smith, H, and T. Pitcairm, 2001, “The Cayman Islands”, International Financial Law Review, 163-164 Shiu, H. and R. Stulz, 2000, “Firm value, risk, and growth opportunities”, Archive of New National Bureau of Economic Research Working Papers and Books Week of July 24, 3-24 Standard & Poor’s, 2003, Industry surveys - insurance: property-casualty, http://www.milligan.bm/docs/BERMUDA_CAPTIVES_LMW.pdf Swiss Re 2000, “Non-proportional reinsurance accounting”, Swiss Re publishing, 54 Swiss Re 1997, “Proportional and non-proportional reinsurance”, Swiss Re publishing, 31 Swiss Re, 2003, “The Picture of ART”, Sigma, Swiss Re publishing, 12 Willis Group, 2003,“Abandoning tradition”, Reactions. London (July), 1 Willis Group, 2003, “Captive Management in Guernsey”, http:// www.williscaptives.com /captives/ documents/ CaptiveManagementBrochure.pdf Willis Group, 2004, “Home inspectors’ insurance - Review of capitalization” http://requirements, http://www.hicb.co.uk/pdf/Willis%200504.pdf
描述:	碩士國立政治大學風險管理與保險研究所 91358026 93
資料來源:	http://thesis.lib.nccu.edu.tw/record/#G0913580261
数据类型:	thesis
显示于类别:	[風險管理與保險學系] 學位論文

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